Investment property with my father

[landlord]

I am considering upgrading to a 4 bed apartment and renting my 3 bed apartment out. I have sole ownership of the 3 bed. My father and my self are loan approved for the new 4 bed apartment. Is it possible for me to get sole ownership of the new 4 bed and my father to take a 50 %-60% share of my old three bed. Are there any tax or legal implications with this?
Also I have owned my 3 bed for 4 years and 8 months, so will I have to pay back the stamp duty if I rent it (original price of the house was 163,000 punts if anyone knows how much this will be?) and will I have to pay back the first time buyers allowance (3,000 punts).
If more information is required to answer these questions I can provide it. Thanks

 

[CCOVICH]

I am considering upgrading to a 4 bed apartment and renting my 3 bed apartment out. I have sole ownership of the 3 bed. My father and my self are loan approved for the new 4 bed apartment. Is it possible for me to get sole ownership of the new 4 bed and my father to take a 50 %-60% share of my old three bed. Are there any tax or legal implications with this?

I presume there would be stamp duty at least, albeit at a reduced rate (transfer between relatives)

Also I have owned my 3 bed for 4 years and 8 months, so will I have to pay back the stamp duty if I rent it (original price of the house was 163,000 punts if anyone knows how much this will be?) and will I have to pay back the first time buyers allowance (3,000 punts).
If more information is required to answer these questions I can provide it. Thanks

If you hold it for another 4 months, you will avoid having to pay stamp duty. The FTB allowance was discussed before, and as far as I can recall there are no clawback provisions.

 

[mf1]

Issues:

Disposal of interest in 3-bed - no CGT but stamp duty at half normal rate.
Either a new mortgage or consent of current mortgagee will be necessary to transaction. Likely to require father to be a joint mortgagor of 3-bed.

4-bed - is it the case that lender will only lend to both? Risk to father if solely on the mortgage deed but not on the Title.

mf

 

[landlord]

Issues:


4-bed - is it the case that lender will only lend to both? Risk to father if solely on the mortgage deed but not on the Title.

mf

MF1 thanks.......This is correct the lender will only lend to both of us. So if my father is on the mortgage deed and the title for the new 4 bed, can we sign some sort of deed saying that I actually own the 4 bed. And similarly with the 3 bed although the mortgage deed and titla are in only my name can my self and my father sign a private deed saying that he has a 50-60% share of the property if it is sold?

and CCOVICH thanks. By the time the sale goes through there may only be a month or two at most before five years is up at which point I can rent it with no stamp claw back.